₦airaland Forum

mariovito:
Even with FIRS hitting their annual target in March?

SmartyPants:
It's a free market. If the local refinery is effective, then the importers will lose. Simple.

Beeron:
Not true, instead it will take the pressure off naira. Fare cost being expensive should be as a result of other market forces, Not because Naira dollar FX. We need to grow the Naira too.

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VeeVeeMyLuv:
They are probably feeding him directly from our national cake using a special feeding bottle!

So his selfish comment is not a surprise

fineboynl:
if you have 30 billion in circulation the highest denomination is 1000 notes. You can’t even use withdraw half of the notes and destroyed it. Then introduce higher denomination of half the currency 15bllion. You now have fewer note in circulation with more value.

What causes inflation is having excess money. And Not higher denomination. You can’t even use hardly buy anything useful with 1k notes and destroyed as of today.

CodeTemplarr:
our highest denomination is less than $1.

Printing N2000 for example only means the CBN gets to halve the resources needed to create a legal tender that exchabges N2000 worth of value.

Hemanwel:
I have made this suggestion sometimes ago. You don't even need to be a financial expert to know this.

Due to the reduction in the purchasing power and the hyper-inflation in the country, the need for the CBN to issue higher denomination notes is sacrosanct. Abi, until when we start using a bundle of N1000 note to purchase a cube of Maggi, bah?

Warmaterial:
They should do it at least 5000 and 10000 naira note just as CFA because the 1000 naira note now is as useless as 'P' in psychology.

fineboynl:
It’s long overdue. I would suggest 5000 and 10000 for a start. After a years or 2 we can add 20000.

More of 5k then fewer 10k. and make 20k very scares to see.

When obj introduce 1000 the value today would be like 30-40k. People shouted then. Because it almost amounts to 10$ at the time. Considering dollars also devalued too.

If you give anyone 1k then they will look it in the sun or through touch light just to tell you of it value as at then. But not anymore today.

The only alternative is to redenominate the naira by removing 2 zero or bring higher denomination. If you withdrew 100k in the market. You can’t even use it to buy anything tangible which shouldn’t be.

In fact it should have been done last year.

Higher denomination doesn’t translate to more money in circulation. It only means money in circulation is compressed and scares to see around.

In response to people saying it will cause inflation like zimbabwe
it’s not what caused the inflation there. They face inflation by western sanctions. Same sanctions with Venezuela. Ghana face inflation too and they add 10k notes then. Inflation is why they print higher denomination because it pointless to print valueless currency like we are doing today. They print higher denomination to counter the inflation. Not the higher denomination that cause the inflation. If 20 billion is in circulation and you mob it up with higher denomination with the same 20billion it won’t cause inflation. Alternative is to remove some zero from the currency.

Obj add the option to remove some zero but the senate rejected it. So they introduced higher denomination.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]The headline should be "Enemies of Nigeria" not experts. More higher denomination means naira becomes more valueless, Nigerians get poorer with insecurity rates skyrocketing.

WhizdomXX:
If he is operating at 610,000 bpd. Then a lot of the demand is met to be met.
610,000*365*73= 16.25 billion liters of Petrol.
That brings my second point, that he is exporting petrol heavily, when demand is yet to be filled here.

WhizdomXX:
I read the article. Two things stood out for me, Dangote is not producing at up to 50% of installed capacity. He is exporting outside when demand is still available in Nigeria.

sweetkev:
His cement still sold for #10,500 for almost two years now.

Davidson1010:
So, why is Tinubu government still bowooroing again?

Rebuke:
That's very good but my question is, what is the direct or indirect impact of this income on the life of an average Nigerian?

Prices of daily commodities are still high, people are still suffering....

More disturbing is the fact that yhur president is still borrowing even with these figures!

barinedan:
Then why is tinubu borrowing all over the world?

Nackzy:
I hope dangote is going to learn from him

adenigga:
Source: https://punchng.com/42-37bn-under-remittance-fg-extends-nnpcl-probe-to-dec-2024

Daniel058:
Funny people, what has Dangote refinery helped us achieved as Nigerians?


Did it reduced the cost petrol per litre?

Na question I asked oo

correctguy101:
Na so o.

The federal government sef no fit hold anyone accountable.

If na the Chinese system, all the governors go face capital punishment.

Image123:
In dollars, not in naira. In Nigeria, we spend naira. Our state governments pay salaries and do projects mostly in naira. Meaning they have had more than enough change to spare since Tinubu. They severally attest to this.
For instance/example, my state paid 100billion salaries when they received 150billion. Now, they are receiving more than 300billion. You can bet they didn't double salaries which is usually their main expense.

slivertongue:
Rogue capitalism is for those out to abuse the laws of the land, exploit workers, pay less tax, muscle out other competitors using their coterie of crooks in govt positions

Malawian:
Nigeria must not allow Dangote hold us to ransom. It is time to remove every last monopoly Dangote holds in the business sector. He is just fixing price of goods and commodities the way he likes, anytime he likes.

aribisala0:
capitalism is great but it must be managed with checks and balances
Countries should not be at the mercy of companies
Look at what is happening around the world with chips
Countries have interests and they are supreme
When a company has a monopoly or oligopoly position government can cap its profits and regulate its activities

slivertongue:
I am for responsible capitalist economy as seen in the developed countries. But lots of Nigeria's investors are rogue capitalist. They do what they like without govt applying the law.

Gentledove2001:
What you stated above makes sense but the countries you listed are over 1000years old, they where once like Nigeria. The difference between the countries and Nigeria is just the system. In America, they have a strong institution that checkmate Individuals but in Nigeria the system makes Individuals stronger than our institutions.

aribisala0:
Does America allow. any business to hold the country to ransom

They have very robust antitrust laws

Why is cement $2 in China and $7
In Nigeria

Yes he is a business man but no country places strategic business in the hands of 1or 2 or 3 companies without antitrust measures

The number one antitrust measures is to prevent extraordinary profits

By EBITDA. Dangote is the MOST PROFITABLE CEMENT BUSINESS IN THE WORLD

cement is not AI or anything innovative

Iampromoted:
Dangote Refinery is producing 20m Liters of fuel per day and the nation's consumption is 50m Liters per day. And Dangote is pushing for the ban of importation of fuel. Does it make any sense?

Anyway Congratulations to him.

kokoA:
How does the bond of a thing work? Make I no pretend say I know wetin e mean.

integrity16:
So why did he import CNG trucks from China?

Zionmdde:
Did you pay Tax to any of them?